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Monthly Commentary December 2018



‘Twas the night before Brexit and all through the land,
No-one was stirring their heads from the sand.
The leavers had dreams of a unicorn deal
Whilst remainers exclaimed ‘’You need to get real!”

It’s been a rather tough year for poor Mrs. May,
Her only real strategy has been to delay.
The real opposition is Jacob Rees-Mogg,
A blast from the past and true demagogue.

We need a conclusion or a people’s vote,
But the chances of that seem somewhat remote.
Corbyn’s got splinters all sat on the fence,
To claim he’s ‘remain’ is total pretense.

There are others who suffer a disheveled blonde,
But it's Donald not Boris over the pond.
His antics with Stormy and Time magazine,
And what happened in Russia was frankly obscene. 

A hard time for all assets including bitcoin,
Investors in that got kicked in the groin.
Another example of value destroyed,
Bubbles and crazies are best to avoid.

Equities started the year at a pace,
Tax cuts, tech stocks and low interest rates.
Now yield curve inversion foretells a decline.
Fed tightening is rarely ever benign.

Developing market prospects grew bleaker,
The peso, the rand and lira grew weaker.
Argentina’s, not known for paying its debts,
Buying its bonds can be cause for regret.

We’ve got to that time of year once again,
Season's Greetings from all of us at Kempen.
One final thought before I alight
Happy Christmas to all, and to all a good-night!



The author

Robert Scammell

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This document of Kempen Capital Management N.V. is for information purposes to professional investors only. The information in this document is incomplete without the verbal explanation given by an employee of Kempen Capital Management. The opinions expressed are Kempen Capital Management opinions and views as of such date only. Kempen Capital Management is registered in the United Kingdom (BR017904) at Octagon Point, 5 Cheapside, London, EC2V 6AA as a branch of Kempen Capital Management N.V. (FC032822), which is a limited liability company incorporated in the Netherlands, authorised by the Dutch Authority for the Financial Markets (AFM) and subject to limited regulation by the UK Financial Conduct Authority (FCA). Details about the extent of our regulation by the FCA are available from us on request.